For more than a week after the United States and Israel's initial attack on Iran, oil prices stayed relatively calm'even as bombs rained down in the Middle East and the war expanded to neighboring countries. When Iran announced that it would attack any ship passing through the Strait of Hormuz, that all-important passage for the global oil trade, energy markets ticked up only slightly. But by the time trading resumed on Sunday evening, panic had started to set in. Earlier today, the extent of the alarm became clear. The price of a single barrel, which had climbed roughly 20 percent over the course of last week, jumped from about $92 on Friday afternoon to $119.50 on Sunday'a nearly 30 percent gain. It has since tumbled back down to about $90 at the time of publication, likely owing to President Trump's comment to CBS earlier today that the war is 'very complete,' as well as the G7's meeting to discuss strategies for mitigating the recent shocks. But the president has already changed...
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